Formal Licence Signing

Gold Oil PLC
05 May 2006




FOR IMMEDIATE RELEASE                                                 5 May 2006


       GOLD OIL PLC ANNOUNCES THE FORMAL SIGNING OF ITS BLOCK XXI LICENCE

Following from the Presidential and Ministry of Energy and Mines approval of the
Gold Oil's Block XXI Licence, the award of the Licence was formally gazetted on
the 20th of April 2006.

On 4th May 2006, Gold Oil formally accepted the terms of the Licence by signing
the Licence at a ceremony in Lima, chaired by the Minister of Energy and Mines.

Speaking after the ceremony, Gary Moore, Managing Director of Gold Oil PLC, said
that the terms of the licence and the long term attraction of Peru for the
exploration and development of oil and gas meant that the signing has confirmed
our commitment for immediate exploration on Block XXI.

Enquiries:

Gary Moore, Operations Director on [phone]
Email: [e-mail]

Mike Burchell, Chairman on [phone]
Email: [e-mail]

Roland Cornish, Beamont Cornish Limited on 020 7628 3396.


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